Is it necessary to deduct social security and provident fund from the annual salary system?

Payment method of housing provident fund:

The deposit ratio of employees and unit housing provident fund shall not be less than 5% of the average monthly salary of employees in the previous year;

Conditional cities can appropriately increase the deposit ratio;

The specific deposit ratio shall be drawn up by the Housing Provident Fund Management Committee and submitted to the people's governments of provinces, autonomous regions and municipalities directly under the Central Government for approval after being audited by the people's governments at the corresponding levels;

The monthly deposit base of urban individual industrial and commercial households and freelancers' housing provident fund is calculated in principle according to the average monthly tax revenue of the depositor in the previous year;

If the unit fails to pay or underpays the housing provident fund within the time limit, the housing provident fund management center shall order it to pay within a time limit;

If the deposit is not made within the time limit, it may apply to the people's court for compulsory execution.